U.S. Recreational Boating Market: Key Players, Upcoming Trends, Opportunities and Growth Analysis to 2024
The U.S. recreational boating market is set to grow from its current market value of more than USD 20.5 billion to over USD 28 billion. Luxury boating, being one of the most popular leisure activities in the United States, has led to the U.S. recreational boating industry emerging as a highly profitable industry. In 2018, the National Marine Manufacturers Association (NMMA) announced boat sales in the U.S.to have reached a 10-year high, encouraging boat manufacturers to further expand their production capacity to meet the rising demand. NMMA data shows that unit sales of new powerboats reached 262,000 in 2017 increasing 5% when compared to unit sales in 2016.
Get sample copy of this research report @ https://www.decresearch.com/request-sample/detail/2806
The world’s leading yacht manufacturer Azimut Benetti Group has recently made it to the headlines for starting its operation in Georgia. Presumably, its entry marks significant contribution in the regional economy, while also revolutionizing the boat building industry. Reports claim that Azimut Benetti, a leader in boat production has the most expensive sales network in the boating market across the globe, with 138 sites in 68 countries.
The agreement is also poised to benefit the country with substantial rise in visitors and tourists interested in water & sport activities, in turn fueling the U.S. recreational boating market. The operations in Georgia are also expected to witness advancements in electric seats, large frameless windows, and walnut interiors that will allow passengers to focus more on the recreational activities.
In terms of power, the engine powered segment from the U.S. recreational boating market share will demonstrate a substantial growth rate of around 4% by 2024 owing to the growing usage of engines in various boats such as outboard boats, PWCs, and inboard boats. Engines powered by petrol, diesel, and ethanol fuels offer options to consumers which are helping to surge the U.S. recreational boating industry revenue share. Strict regulations imposed by the U.S. Environmental Protection Agency will further lead to the introduction of electric and hybrid boats which will also play a major role in shaping U.S. recreational boating industry trends.
U.S. recreational boating market is expected to tread along a lucrative roadmap in the years ahead, given the rising prevalence of water-based recreational activities such as camping, sailing, fishing, cruising, and boating. Reliable statistics indicate that more than 87 million U.S. adults participate in the recreational boating activities every year, and there were more than 11.87 million recreational boating vessels registered in the U.S. in 2015. Analysts claim that the changing consumer lifestyles and rising disposable incomes of the middle-class population have been inherently impacting the U.S recreational boating industry share, which was pegged at USD 20.5 billion in 2017.
As the presence of a robust economy continues to bolster the boating expenditures and new boat sales, the overall capital expenditure and manufacturing optimism are likely to be at its best - marking one of the strongest periods on record for the U.S. recreational boating industry expansion. The growth trajectory of U.S. recreational boating market is further expected to register healthy gains as the industry players are thriving to bring new technologies, products, and collaboration across all the segments. Enumerated below are some recent initiatives that are bound to proliferate the commercialization matrix of the U.S. recreational boating industry.
Crestliner, an Otsego-based manufacturer of premium fishing, utility, fish & sport, and hunting boats has recently announced that it will be adding the new Sprint Series to its popular pontoon line-up. The Sprint is ideal for novice boaters and comes nearly a year after the company’s comeback in the pontoon market with the successful Rally Series. Considering the rising level of interest in the pontoons for relishing water sports and other activities such as fishing and cruising, Crestliner is expected to draw notable remuneration from the expanding U.S. recreational boating market. Reportedly, the Sprint Series will be available in three sizes ranging from 16, 18, and 20 feet, and will come in two layouts - Fish & Cruise and Cruise.
Besides from the significant contribution made by the leading companies, U.S. recreational boating industry trends are also likely to transform with considerable government support to upgrade and maintain boating infrastructure. The U.S. Fish and Wildlife Service, for instance, has announced grants worth USD 14 million in 2015 to maintain the boating infrastructure & support the manufacturers. Driven by such supportive initiatives and escalating product demand, the U.S. recreational boating industry is certain to take a deeper dive in terms of the revenue landscape. The U.S. recreational boating market size to register a CAGR of 4.5% by 2024.
Get This Report Customized To Your Requirements@ https://www.decresearch.com/roc/2806
Some Point from Table of Contents:
Chapter 4. U.S. Recreational Boating Market, By Product
4.1. U.S. recreational boating market share by product, 2017 & 2024
4.2. Inboard
4.2.1. Market estimates and forecasts, 2013 – 2024
4.2.2. Market estimates and forecast, by state, 2013 – 2024
4.3. Outboard
4.3.1. Market estimates and forecasts, 2013 – 2024
4.3.2. Market estimates and forecast, by state, 2013 – 2024
4.4. Inflatables
4.4.1. Market estimates and forecasts, 2013 – 2024
4.4.2. Market estimates and forecast, by state, 2013 – 2024
4.5. Sail boats
4.5.1. Market estimates and forecasts, 2013 – 2024
4.5.2. Market estimates and forecast, by state, 2013 – 2024
4.6. Personal watercrafts
4.6.1. Market estimates and forecasts, 2013 – 2024
4.6.2. Market estimates and forecast, by state, 2013 – 2024
Chapter 5. U.S. Recreational Boating Market, By Power
5.1. U.S. recreational boating industry share by power, 2017 & 2024
5.2. Engine powered
5.2.1. Market estimates and forecasts, 2013 – 2024
5.2.2. Market estimates and forecast, by state, 2013 – 2024
5.3. Man powered
5.3.1. Market estimates and forecasts, 2013 – 2024
5.3.2. Market estimates and forecast, by state, 2013 – 2024
5.4. Sail propelled
5.4.1. Market estimates and forecasts, 2013 – 2024
5.4.2. Market estimates and forecast, by state, 2013 – 2024
Browse complete Table of Contents (ToC) of this research report @
https://www.decresearch.com/toc/detail/us-recreational-boating-market